AIG Sues Federal Reserve Vehicle in Dispute Over Lawsuit Rights

American International Group Inc. filed a lawsuit against a Federal Reserve vehicle created during AIG’s bailout that held some of its troubled mortgage bonds, in a dispute over rights to sue over the bonds.

Securities transferred to the vehicle, known as Maiden Lane II, were ultimately sold by the Federal Reserve Bank of New York to recoup part of the complicated, massive AIG bailout that was fully paid off last year.

At issue is whether AIG, in selling billions of dollars in troubled mortgage bonds to the New York Fed in late 2008, transferred its rights to sue for losses it incurred on the securities. The New York Fed earlier joined a lawsuit over the bonds against Bank of America Corp. that resulted in a proposed settlement, pending before a court.

Comments (5 of 10)

Let every company in US that cannot make it on its own default and get these bottom feeder lawyer the hell out of this country. That will be the beginning of a "recovery".

10:24 am January 13, 2013

Anonymous wrote :

AIG paid back what it owed at a profit. That should be commended. It also decided not to pursue claims encouraged by its former (vindictive) CEO. There are lots of folks to heap your vitriole on but with their recent managment decisions, AIG should not be one of them.

2:19 pm January 12, 2013

AIG JUST TRYING TO BRING ATTENTION wrote :

look up what Maiden Lanes I and II are and you will understand why Fed has been a problem for years

AIG didn't get bailed out.....counterparty banksters did and their banks

Basically your TAXES are going UP to pay for BANKSTER BONUSES

10:00 am January 12, 2013

@ Sally Anne wrote :

> American International Group are widely regarded as corrupt scum <

You got that right

9:21 am January 12, 2013

Marshall Dillan wrote :

13 Tax Increases That Started January 1, 2013

Tax increases the fiscal cliff deal allowed:
1. Payroll tax: increase in the Social Security portion of the payroll tax from 4.2 percent to 6.2 percent for workers. This hits all Americans earning a paycheck—not just the “wealthy.” For example, The Wall Street Journal calculated that the “typical U.S. family earning $50,000 a year” will lose “an annual income boost of $1,000.”
2. Top marginal tax rate: increase from 35 percent to 39.6 percent for taxable incomes over $450,000 ($400,000 for single filers).
3. Phase out of personal exemptions for adjusted gross income (AGI) over $300,000 ($250,000 for single filers).
4. Phase down of itemized deductions for AGI over $300,000 ($250,000 for single filers).
5. Tax rates on investment: increase in the rate on dividends and capital gainsfrom 15 percent to 20 percent for taxable incomes over $450,000 ($400,000 for single filers).
6. Death tax: increase in the rate (on estates larger than $5 million) from 35 percent to 40 percent.
7. Taxes on business investment: expiration of full expensing—the immediatededuction of capital purchases by businesses.
Obamacare tax increases that took effect:
8. Another investment tax increase: 3.8 percent surtax on investment incomefor taxpayers with taxable income exceeding $250,000 ($200,000 for singles).
9. Another payroll tax hike: 0.9 percent increase in the Hospital Insurance portion of the payroll tax for incomes over $250,000 ($200,000 for single filers).
10. Medical device tax: 2.3 percent excise tax paid by medical devicemanufacturers and importers on all their sales.
11. Reducing the income tax deduction for individuals’ medical expenses.
12. Elimination of the corporate income tax deduction for expenses related to the Medicare Part D subsidy.
13. Limitation of the corporate income tax deduction for compensation thathealth insurance companies pay to their executives.

Each of these 13 tax increases will slow the economy, meaning that businesses will create fewer jobs. Fewer jobs will make it even more difficult to land a job than it already is for the more than 12 million Americans looking for work.

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